In a significant stride toward transforming India’s rural financial ecosystem, Jai Kisan the Mumbai-based rural fintech startup has raised ₹26.5 crore (approximately $3 million) in an extended Series B funding round. The fresh infusion of capital comes from existing backers Mirae Asset, Unitary Fund, and Blume Ventures, signaling continued investor confidence in the company’s vision and impact.
The fundraising was formalized through a special board resolution, where Jai Kisan allotted 980 compulsory cumulative preference shares (CCPS) at a price of ₹2,70,133 per share, as per regulatory filings accessed via the Registrar of Companies (RoC).
Mirae Asset led the round with an investment of ₹12.5 crore, while Unitary Fund and Blume Ventures contributed ₹12 crore and ₹2 crore, respectively. This latest funding round places Jai Kisan’s post-money valuation at an estimated $180 million, according to calculations by startup data platform Entrackr.
Bringing Fintech to the Heart of Bharat
Founded in 2017 by Arjun Ahluwalia and Adriel Maniego, Jai Kisan isn’t just another fintech startup. It’s a mission-driven company focused on bringing financial inclusion to India’s deeply underserved rural population. Acting as a neo-bank tailored for the rural economy, Jai Kisan enables access to credit for both individuals and small rural businesses. It supports transactions in both offline and online marketplaces — a critical lifeline for India’s agricultural and village-based economy.
The startup has emerged as a key player in a space where traditional banks often hesitate to tread due to the perceived risks of rural lending. With its tech-enabled approach and on-ground partnerships, Jai Kisan aims to bridge the credit gap that has long stifled rural entrepreneurship and progress.
Resilience Despite Financial Losses
The latest fundraise comes on the heels of Jai Kisan’s strong operational momentum, even as it continues to invest in long-term growth. The company reported ₹39 crore in operating revenue for FY24, though it also posted a loss of ₹51 crore for the same period. These numbers reflect the startup’s aggressive growth strategy, as it focuses on customer acquisition, building robust financial infrastructure, and expanding into newer geographies.
One of the major milestones in Jai Kisan’s journey was its strategic acquisition of Kushal Finnovation Capital Private Limited, through which it secured an NBFC (Non-Banking Financial Company) license last year. This license significantly strengthens Jai Kisan’s ability to disburse loans and offer a wider range of financial services directly to rural customers making it a more formidable player in the rural lending space.
The Road Ahead
With this new round of funding, Jai Kisan is well-positioned to deepen its reach and impact. The startup plans to use the capital to enhance its product offerings, improve credit delivery mechanisms, and further invest in its technology and data capabilities.
More than just a business, Jai Kisan represents a growing movement to financially empower India’s rural backbone. By giving farmers, traders, and rural entrepreneurs the tools they need to thrive, Jai Kisan is not just building a company — it’s helping build a more inclusive and prosperous India.
